Lloyds TSB and Cheltenham & Gloucester have announced a new range of secured loans options following the Bank of England's base rate reduction last week.
The one per cent cut has meant the bank has reduced the Libor rate - the rate at which banks to lend to each other - by 0.4 per cent.
Thus, Lloyds is offering a new range of tracker mortgages with rates that are 0.7 per cent lower than the previous loan options.
Borrowers can now choose between a two-year 'all weather' tracker at 4.09 per cent with a loan-to-value of either 60 or 75 per cent.
Meanwhile, first direct has launched two new base rate tracker mortgages, with Matt Colebrook, the lender's chief executive, noting that existing customers will also benefit from the interest rate cut.
"We're also passing on the full base rate cut of one per cent from January 2nd which makes our standard variable the lowest in the industry moving from 4.69 per cent to 3.69 per cent," he said.
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